Companies and tax authorities should be given more time to adapt to a planned revision of European Union value-added tax rules, a lawmaker responsible for drawing up a European Parliament opinion on the update said Thursday.
In particular, proposed two-day deadlines for issuing an invoice after a cross-border transaction has taken place, and then for electronic reporting of the transaction, should be extended to 10 days, Olivier Chastel, a Belgian European Parliament member, said during a hearing of the economic and monetary affairs committee (ECON).
The shorter deadlines are “not realistic, even for large companies, let alone small companies …
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